Here we will use the formula of compound interest which is as follows:
[tex]A=P(1+\frac{r}{n})^{nt}[/tex]
Where,
A=amount
P=principal
r=rate of interest
n=number of times interest is compounded in a year
t=time
We are given,
r=2% or 0.02
t= 5 years
n =4( compounded quarterly)
A= $300
Let us plug these in the formula to find Principal
[tex]300=P(1+\frac{0.02}{4})^{4*5}[/tex]
[tex]300=P(\frac{4.02}{4})^{4*5}[/tex]
[tex]300=P(1.005)^{20}[/tex]
[tex]300=P(1.105)[/tex]
Principal = $271.49
Answer: Mark earned $271.49 during odd jobs.
